Frack, Baby, Frack

Share via

Most opposition to fracking is contradictory, even on its own terms. Yesterday George Osborne, the Chancellor of the Exchequer, proposed generous tax breaks for companies that intend to exploit new technologies for extracting shale gas from beneath Britain.

According to Greenpeace: “The Chancellor is telling anyone who will listen that UK shale gas is set to be an economic miracle, yet he’s had to offer the industry sweetheart tax deals just to reassure them that fracking would be profitable.”

This is kneejerk stuff. Yes, under Mr Osborne’s proposals companies engaged in fracking will pay 30 per cent tax on their